TL/DR –
The Inflation Reduction Act, passed in 2022, aims to invest billions of dollars in the clean economy, covering areas such as electrified heavy industry, tree planting and foresting. In Philadelphia, where buildings and their electricity grid contribute over 70% of carbon emissions, the real estate community is highlighted for its potential role in using this funding. ULI Philadelphia and GBU have gathered members and industry leaders to discuss the equitable implementation of the Act in their region.
Understanding the Impact of the 2022 Inflation Reduction Act
The Inflation Reduction Act, passed in 2022, is slated to channel billions of dollars into the 21st-century clean economy. The investment spans across numerous sectors, ranging from electrified heavy industries to tree planting and forestation initiatives.
In Philadelphia, a city where over 70% of carbon emissions are attributed to buildings and the electricity grid, the real estate sector is predicted to play a pivotal role. The Act presents an unprecedented opportunity for the real estate community to leverage this new funding and contribute towards a cleaner, greener future.
As the Inflation Reduction Act rolls out, ULI Philadelphia and GBU have convened members and industry leaders. The goal is to intelligently and equitably implement the Act’s provisions in the region, ensuring an impactful utilization of funds towards environmental initiatives.
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